In search of clinical acceptance: life as a healthcare entrepreneur
Challenges and opportunities in healthcare innovation were at the forefront of conversation as the EntrepreneursTalk@Bayes series welcomed James Dacombe, Founder, Chairman and CEO of neurotechnology start-up CoMind, and Saul Klein OBE, Managing Partner of venture capital fund manager Phoenix Court.
Mr Dacombe and Mr Klein reflected on the influence of artificial intelligence (AI) – particularly in the context of the recent firing and reinstating of Sam Altman, CEO of OpenAI – and discussed risks and opportunities facing healthcare start-ups in the United Kingdom compared with other areas in the world, including the United States and the Far East.
Speaking with Axel Threlfall, Editor-at-Large of Reuters, Mr Dacombe recounted his personal experience of successfully launching CoMind at the age of just 17, having worked as a software engineer. The company, which has so far raised $15 million, aims to improve patient care and advanced understanding of neurological conditions through neurosensing technology.
He revealed a wide range of decision-making processes that he has taken in his journey, as well as future ambitions and an outlook on the sector.
Mr Klein, an entrepreneur and investor specialising in seed and early-stage businesses, provided insights into the selection processes involved in deciding whether or not to invest in a company, including several tests of a start-up’s profitability and sustainability.
Following the interview, the two took a number of questions from the audience which explored both general entrepreneurship topics – how to take an idea to the point of setting up a business, how to judge the trustworthiness of an entrepreneur and their product, and the potential pitfalls with entering different global markets – and more specific issues to the healthcare market, including thoughts on AI, obtaining neuroscience data and the importance of “gaining clinical acceptance”.
Aurore Hochard, Head of Entrepreneurship Programmes at Bayes, said the session was inspirational for the packed-out audience and provided valuable lessons for aspiring entrepreneurs and those already innovating or looking to invest in the healthcare sector.
“It was a real pleasure to welcome James and Saul to Bayes for this event,” she said.
“We were fascinated to hear perspectives from both a young entrepreneur about his journey to raise capital and ambitions to expand into new markets, and a highly successful venture capitalist with amazing experience of investing in start-ups and recognising the potential of business propositions.
“Artificial intelligence is increasingly shaping the business world, and both entrepreneurs and investors need to be mindful of its potential threats to bespoke innovation, as well as the enormous opportunities it offers if utilised effectively.
“Bayes’ location in the heart of the Square Mile – London’s innovation hub – enables us to connect our community with many of the UK’s leading start-ups and the people behind them.”
The EntrepreneursTalk@Bayes series aims to provide insights through in-depth interviews with innovative and inspirational entrepreneurs. They provide an opportunity to meet successful people and quiz them about their entrepreneurial journeys.
The next EntrepreneursTalk@Bayes event will take place in early 2024. Look out for further details in due course.
Find out more about entrepreneurship at Bayes Business School.
